The Dubai Financial Services Authority (DFSA) and the UK Association of Certified Chartered Accountants (ACCA) held their first meeting in Dubai on Sunday, after signing a memorandum of understanding on Sept. 25. Under the MoU, the ACCA will assist the DFSA to ensure that audit standards within the Dubai International Financial Centre are at least as high as those applying in major international capital markets. SFSA Chief Executive David Knott welcomed ACCA delegation head Sha Ali Khan. “We’ve a full agenda that includes the preparation of guidelines and rules governing the registration of auditors within the DIFC, and the process by which the conduct of audit engagements will be reviewed,” Knott said. “The end result will be a transparent and robust regime of audit supervision that will further enhance investor confidence in financial firms that operate within the DIFC. Review of audit performance, measured against applicable international standards, will form the centerpiece of the regime,” he said.
